Enerpac Tool Group Corp. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Guarantor Subsidiaries (Tables)

Guarantor Subsidiaries (Tables)

9 Months Ended

May 31, 2012

Condensed Consolidating Statements of Earnings

CONDENSED CONSOLIDATING STATEMENTS OF EARNINGS

(In thousands)


	Three Months Ended May 31, 2012
	Parent			Guarantors			Non- Guarantors			Eliminations			Consolidated
Net sales	$	53,206		$	153,967		$	222,042		$	—		$	429,215
Cost of products sold		17,112			105,368			140,615			—			263,095

Gross profit		36,094			48,599			81,427			—			166,120
Selling, administrative and engineering expenses		21,609			26,264			43,190			—			91,063
Amortization of intangible assets		335			3,412			3,646			—			7,393

Operating profit		14,150			18,923			34,591			—			67,664
Financing costs, net		7,255			(22	)		3			—			7,236
Intercompany expense (income), net		(8,412	)		1,432			6,980			—			—
Debt refinancing charges		16,830			—			—			—			16,830
Other expense (income), net		(111	)		907			1,808			—			2,604

Earnings (loss) before income tax expense (benefit)		(1,412	)		16,606			25,800			—			40,994
Income tax expense (benefit)		(2,898	)		3,716			5,775			—			6,593

Net earnings before equity in earnings of subsidiaries		1,486			12,890			20,025			—			34,401
Equity in earnings (loss) of subsidiaries		32,915			16,521			(450	)		(48,986	)		—

Net earnings	$	34,401		$	29,411		$	19,575		$	(48,986	)	$	34,401


	Three Months Ended May 31, 2011
	Parent			Guarantors			Non- Guarantors			Eliminations			Consolidated
Net sales	$	45,301		$	142,145		$	205,331		$	—		$	392,777
Cost of products sold		11,904			97,584			129,251			—			238,739

Gross profit		33,397			44,561			76,080			—			154,038
Selling, administrative and engineering expenses		24,840			24,568			39,758			—			89,166
Amortization of intangible assets		—			3,893			2,978			—			6,871

Operating profit		8,557			16,100			33,344			—			58,001
Financing costs, net		7,850			—			—			—			7,850
Intercompany expense (income), net		(984	)		4,453			(3,469	)		—			—
Other expense (income), net		(3,628	)		194			3,765			—			331

Earnings from continuing operations before income tax expense		5,319			11,453			33,048			—			49,820
Income tax expense		1,224			2,635			7,601			—			11,460

Net earnings from continuing operations before equity in earnings of subsidiaries		4,095			8,818			25,447			—			38,360
Equity in earnings of subsidiaries		33,136			22,368			1,232			(56,736	)		—

Earnings from continuing operations		37,231			31,186			26,679			(56,736	)		38,360
Loss from discontinued operations, net of income taxes		(873	)		—			(1,129	)		—			(2,002	)

Net earnings	$	36,358		$	31,186		$	25,550		$	(56,736	)	$	36,358

CONDENSED CONSOLIDATING STATEMENTS OF EARNINGS

(In thousands)


	Nine Months Ended May 31, 2012
	Parent			Guarantors			Non- Guarantors			Eliminations			Consolidated
Net sales	$	151,240		$	427,839		$	620,959		$	—		$	1,200,038
Cost of products sold		49,505			297,651			392,862			—			740,018

Gross profit		101,735			130,188			228,097			—			460,020
Selling, administrative and engineering expenses		61,935			79,138			122,862			—			263,935
Amortization of intangible assets		1,005			10,243			10,436			—			21,684

Operating profit		38,795			40,807			94,799			—			174,401
Financing costs, net		23,527			(14	)		(234	)		—			23,279
Intercompany expense (income), net		(24,585	)		3,731			20,854			—			—
Debt refinancing charges		16,830			—			—			—			16,830
Other expense (income), net		904			2,581			(395	)		—			3,090

Earnings before income tax expense		22,119			34,509			74,574			—			131,202
Income tax expense		2,542			7,858			17,052			—			27,452

Net earnings before equity in earnings of subsidiaries		19,577			26,651			57,522			—			103,750
Equity in earnings of subsidiaries		84,173			51,134			988			(136,295	)		—

Net earnings	$	103,750		$	77,785		$	58,510		$	(136,295	)	$	103,750


	Nine Months Ended May 31, 2011
	Parent			Guarantors			Non- Guarantors			Eliminations			Consolidated
Net sales	$	119,206		$	388,059		$	534,622		$	—		$	1,041,887
Cost of products sold		33,838			270,580			336,551			—			640,969

Gross profit		85,368			117,479			198,071			—			400,918
Selling, administrative and engineering expenses		64,024			72,765			107,664			—			244,453
Amortization of intangible assets		—			11,401			8,445			—			19,846

Operating profit		21,344			33,313			81,962			—			136,619
Financing costs, net		23,640			—			—			—			23,640
Intercompany expense (income), net		(8,412	)		12,479			(4,067	)		—			—
Other expense (income), net		(4,324	)		162			5,438			—			1,276

Earnings from continuing operations before income tax expense		10,440			20,672			80,591			—			111,703
Income tax expense		2,374			4,608			17,558			—			24,540

Net earnings from continuing operations before equity in earnings of subsidiaries		8,066			16,064			63,033			—			87,163
Equity in earnings of subsidiaries		76,864			51,780			3,429			(132,073	)		—

Earnings from continuing operations		84,930			67,844			66,462			(132,073	)		87,163
Loss from discontinued operations, net of income taxes		(14,753	)		—			(2,233	)		—			(16,986	)

Net earnings	$	70,177		$	67,844		$	64,229		$	(132,073	)	$	70,177

Condensed Consolidating Balance Sheets

CONDENSED CONSOLIDATING BALANCE SHEETS

(In thousands)


	May 31, 2012
	Parent		Guarantors		Non- Guarantors		Eliminations			Consolidated
ASSETS
Current assets	$	83,779	$	159,031	$	332,481	$	—		$	575,291
Property, plant & equipment, net		6,684		33,251		76,030		—			115,965
Goodwill		62,543		433,193		377,946		—			873,682
Other intangibles, net		14,857		206,925		232,578		—			454,360
Intercompany receivable		—		399,007		281,587		(680,594	)		—
Investment in subsidiaries		1,884,934		440,620		120,266		(2,445,820	)		—
Other long-term assets		12,490		22		2,299		—			14,811

Total assets	$	2,065,287	$	1,672,049	$	1,423,187	$	(3,126,414	)	$	2,034,109

LIABILITIES & SHAREHOLDERS’ EQUITY
Current liabilities	$	90,009	$	63,592	$	172,161	$	—		$	325,762
Long-term debt		392,500		—		—		—			392,500
Deferred income taxes		92,126		—		41,493		—			133,619
Pension and post-retirement benefit liabilities		16,119		—		2,052		—			18,171
Other long-term liabilities		59,234		660		26,878		—			86,772
Intercompany payable		338,014		—		342,580		(680,594	)		—
Shareholders’ equity		1,077,285		1,607,797		838,023		(2,445,820	)		1,077,285

Total liabilities and shareholders’ equity	$	2,065,287	$	1,672,049	$	1,423,187	$	(3,126,414	)	$	2,034,109

CONDENSED CONSOLIDATING BALANCE SHEETS

(In thousands)


	August 31, 2011
	Parent		Guarantors		Non- Guarantors		Eliminations			Consolidated
ASSETS
Current assets	$	87,982	$	155,067	$	303,435	$	—		$	546,484
Property, plant & equipment, net		4,327		37,133		87,189		—			128,649
Goodwill		62,543		432,184		393,739		—			888,466
Other intangibles, net		15,861		216,277		247,268		—			479,406
Intercompany receivable		—		277,157		288,701		(565,858	)		—
Investment in subsidiaries		1,859,779		379,170		67,794		(2,306,743	)		—
Other long-term assets		10,862		51		2,763		—			13,676

Total assets	$	2,041,354	$	1,497,039	$	1,390,889	$	(2,872,601	)	$	2,056,681

LIABILITIES & SHAREHOLDERS’ EQUITY
Current liabilities	$	76,300	$	70,126	$	183,877	$	—		$	330,303
Long-term debt		522,727		—		—		—			522,727
Deferred income taxes		124,469		—		41,476		—			165,945
Pension and post-retirement benefit liabilities		16,452		—		2,412		—			18,864
Other long-term liabilities		59,466		779		39,584		—			99,829
Intercompany payable		322,927		—		242,931		(565,858	)		—
Shareholders’ equity		919,013		1,426,134		880,609		(2,306,743	)		919,013

Total liabilities and shareholders’ equity	$	2,041,354	$	1,497,039	$	1,390,889	$	(2,872,601	)	$	2,056,681

Condensed Consolidating Statements of Cash Flows

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(In thousands)


	Nine Months Ended May 31, 2012
	Parent			Guarantors			Non- Guarantors			Eliminations		Consolidated
Operating Activities
Net cash provided by operating activities	$	56,851		$	13,659		$	58,804		$	—	$	129,314
Investing Activities
Proceeds from sale of property, plant and equipment		2,100			137			6,249			—		8,486
Capital expenditures		(4,367	)		(2,797	)		(10,327	)		—		(17,491	)
Business acquisitions, net of cash acquired		(290	)		—			(29,444	)		—		(29,734	)

Cash used in investing activities		(2,557	)		(2,660	)		(33,522	)		—		(38,739	)
Financing Activities
Net repayments on revolving credit facilities		(57,990	)		—			(177	)		—		(58,167	)
Intercompany loan activity		(2,947	)		(10,999	)		13,946			—		—
Principal repayments on term loan		(1,250	)		—			—			—		(1,250	)
Repurchases of 2% Convertible Notes		(102	)		—			—			—		(102	)
Proceeds on 5.625% Senior Note issuance		300,000			—			—			—		300,000
Redemption of 6.875% Senior Notes		(250,000	)		—			—			—		(250,000	)
Debt issuance costs		(5,340	)		—			—			—		(5,340	)
Purchase of treasury shares		(39,282	)		—			—			—		(39,282	)
Stock option exercises and related tax benefits		6,392			—			—			—		6,392
Cash dividends		(2,748	)		—			—			—		(2,748	)

Cash (used in) provided by financing activities		(53,267	)		(10,999	)		13,769			—		(50,497	)
Effect of exchange rate changes on cash		—			—			(4,150	)		—		(4,150	)

Net increase in cash and cash equivalents		1,027			—			34,901			—		35,928
Cash and cash equivalents—beginning of period		872			—			43,349			—		44,221

Cash and cash equivalents—end of period	$	1,899		$	—		$	78,250		$	—	$	80,149

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

(In thousands)


	Nine Months Ended May 31, 2011
	Parent			Guarantors			Non- Guarantors			Eliminations			Consolidated
Operating Activities
Net cash provided by (used in) operating activities	$	15,423		$	(2,123	)	$	83,331		$	(1,533	)	$	95,098
Investing Activities
Proceeds from sale of property, plant and equipment		—			191			168			—			359
Proceeds from sale of businesses, net of transaction costs		—			—			3,463			—			3,463
Capital expenditures		(3,354	)		(3,537	)		(7,952	)		—			(14,843	)
Business acquisitions, net of cash acquired		—			(350	)		(159,697	)		—			(160,047	)

Cash used in investing activities		(3,354	)		(3,696	)		(164,018	)		—			(171,068	)
Financing Activities
Net borrowings on revolving credit facilities		—			—			14			—			14
Issuance of term loans		100,000			—			—			—			100,000
Intercompany loan activity		(95,141	)		5,819			89,322			—			—
Repurchases of 2% Convertible Notes		(34	)		—			—			—			(34	)
Debt issuance costs		(5,197	)		—			—			—			(5,197	)
Stock option exercises and related tax benefits		7,285			—			—			—			7,285
Cash dividends		(2,716	)		—			(1,533	)		1,533			(2,716	)

Cash provided by financing activities		4,197			5,819			87,803			1,533			99,352
Effect of exchange rate changes on cash		—			—			4,695			—			4,695

Net increase in cash and cash equivalents		16,266			—			11,811			—			28,077
Cash and cash equivalents—beginning of period		5,055			—			35,167			—			40,222

Cash and cash equivalents—end of period	$	21,321		$	—		$	46,978		$	—		$	68,299